Time Value of Money

TIME VALUE OF MONEY
oleh
DIKDIK TANDIKA
Nilai uang pada hari ini, mungkin

lebih baik dibandingkan dengan
nilai uang pada periode mendatang
dikarenakan adanya perbedaan
suku bunga dan jangka waktu
1
Beberapa Konsep Nilai
• FUTURE VALUE (FV)
– Nilai yang terjada pada n tahun mendatang
FV i,1 = PV + i. PV → utk 1 thn
FV i,n = PV ( 1 + i )ⁿ → utk n thn
• PRESENT VALUE (PV)
– Nilai yang terjadi saat ini (sekarang)
PV = FV i ; n { 1/ (1+i)ⁿ }
2
Future Value Example
John wants to know how large his $5,000 deposit will
become at an annual compound interest rate of 8% at
the end of 5 years.
0 1 2 3 4 5
8%
$5,000
FV5
3
Future Value Solution
 Calculation based on general formula:
FVn = PV (1+i)n
FV5 = $5,000 (1+ 0.08)5
= $7,346.64
• Calculator keystrokes: 1.08 2nd yx x 5000 =
Present Value
(Graphic)
Assume that you need to have exactly $4,000 saved
10 years from now. How much must you deposit
today in an account that pays 6% interest,
compounded annually, so that you reach your goal of
$4,000?
0 5 10
6%
$4,000
PV0
Present Value Example
Joann needs to know how large of a deposit to
make today so that the money will grow to $2,500
in 5 years. Assume today’s deposit will grow at a
compound rate of 4% annually.
0 1 2 3 4 5
4%
$2,500
PV0
Present Value Solution
• Calculation based on general
formula: PV0 = FVn / (1+i)n
PV0 = $2,500/(1.04)5
= $2,054.81
• Calculator keystrokes: 1.04 2nd yx 5 =

2nd 1/x X 2500 =
Contoh kasus
• A meminjam hari ini sebesar Rp. 10.000,- dgn
bunga 12% per tahun dlm jangka waktu 5 thn.
Berapa A harus mengembalikan pada akhir
tahun ke 5 ?
• Jawab : PV = Rp. 10.000,- r = 12% , dan n = 5
FV12% ; 5 = 10.000 ( 1 + 0,12 )⁵
= 10.000 (1,7623)
= 17.623
9
Contoh Kasus
• Jika A pd akhir tahun ke 5 ingin memiliki uang
sebesar Rp. 17.623,- berapakah A harus
menyimpan uang di bank hari ini pd suku
bunga 12% ?
• Jawab : FV12% ; 5 = 17.623 ; n = 5 ; r = 12%
PV = 17.623 { 1/ (1+0,12)⁵}
= 17.623 (0,5674)
= 9.999 = 10.000
10
Formulasi Dengan Penggunaan
Tabel Bunga
• FV = PV (FVIF r ; n)
FVIF = Future Value Interest Factor (tabel A1)
• PV = FV (PVIF r ; n)
PVIF = Present Value Interest Factor (tabel A3)
11
FV dan PV Annuity
• FVA = a (FVIFA r % ; n) (1+r)
→ tabel Anuitas (A2)
• PVA = a (PVIFA r % ; n )
→ tabel Anuitas (A4)
12
Valuation Using Table I
FVIFi,n is found on Table I
Period
at the end of the book.
6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
5 1.338 1.403 1.469
Using Future Value Tables
FV2 = $1,000 (FVIF7%,2)
= $1,000 (1.145)
= $1,145 [Due to Rounding]
Period 6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
5 1.338 1.403 1.469
Valuation Using Table II
PVIFi,n is found on Table II
at the end of the book.
Period 6% 7% 8%
1 .943 .935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
5 .747 .713 .681
Using Present Value Tables
PV2 = $1,000 (PVIF7%,2)
= $1,0006%
Period (.873) 7% 8%
1= $873 .943
[Due to Rounding]
.935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
5 .747 .713 .681
Annuities
 AnAnnuity represents a series of equal

payments (or receipts) occurring over a
specified number of equidistant periods.
• Examples of Annuities Include:

Student Loan Payments
Car Loan Payments
Insurance Premiums
Mortgage Payments
Retirement Savings
171
Example of an
Annuity Due -- FVAD
Cash flows occur at the beginning of the period
0 1 2 3 4
7%
$1,000 $1,000 $1,000 $1,070
$1,145
$1,225
FVAD3 = $1,000(1.07)3 +
$1,000(1.07)2 + $1,000(1.07)1
$3,440 = FVAD3
= $1,225 + $1,145 + $1,070
= $3,440
Valuation Using Table III
FVADn = R (FVIFAi%,n)(1+i)
FVAD
Period
3 = $1,000
6% (FVIFA 7%7%,3)(1.07)
8%
1= $1,000 (3.215)(1.07)
1.000 1.000= $3,440
1.000
2 2.060 2.070 2.080
3 3.184 3.215 3.246
4 4.375 4.440 4.506
5 5.637 5.751 5.867
Example of anOrdinary
Annuity -- PVA
End of Year
0 1 2 3 4
7%
$1,000 $1,000 $1,000

$934.58
$873.44
$816.30
PVA3 = $1,000/(1.07)1 + $1,000/(1.07)2 +
$2,624.32 = PVA3
$1,000/(1.07)3 = $2,624.32
If one agrees to repay a loan by paying $1,000 a year at
the end of every year for three years and the discount
rate is 7%, how much could one borrow today?
Valuation Using Table IV
PVAn = R (PVIFAi%,n) PVA3
= $1,0006%
Period (PVIFA7%,3)7% 8%
1= $1,000 (2.624) =0.935
0.943 $2,624 0.926
2 1.833 1.808 1.783
3 2.673 2.624 2.577
4 3.465 3.387 3.312
5 4.212 4.100 3.993
Contoh kasus
• A menyimpan uang sebesar Rp. 10.000,- tiap
tahun dgn bunga 8% per tahun selama jangka
waktu 3 thn. Berapa nilai uang A pada akhir
tahun ke 3 ?
• Jawab : a = Rp. 10.000,- r = 8% , dan n = 3
FV3 = a (FVIFA 8 % ; 3)(1+0,08)
= 10.000 (3,246)(1,08)
= 35.056,8
22
Contoh kasus
• A akan menerima uang sebesar Rp. 10.000,-
tiap tahun dgn bunga 12% per tahun selama
jangka waktu 3 thn. Berapa nilai uang A
sekarang?
• Jawab : a = Rp. 10.000,- r = 12% , dan n = 3
PV = a (PVIFA 12 % ; 3)
= 10.000 (2,402)
= 24.020
23
Multiple Cash Flows Example
Suppose an investment promises a cash flow of $500 in one
year, $600 at the end of two years and $10,700 at the end of
the third year. If the discount rate is 5%, what is the value of
this investment today?
0 1 2 3
5%
$500 $600 $10,700
PV0
Multiple Cash Flow Solution
0 1 2 3
5%
$500 $600 $10,700
$476.19
$544.22
$9,243.06
$10,263.47 = PV0 of the Multiple

Cash Flows
THN CASH PVIF ( 5%) PV
FLOW CASH FLOW
1 500 0,952 476,0
2 600 0,907 544,2
3 10.700 0,864 9.244,8
10.265,0
Catatan : Terdapat perbedaan pembulatan dalam tabel PVIF (5%)
26
27
Proyek A
THN CASH PVIF ( 8%) PV
FLOW CASH FLOW
1 10.000 0,926 9.260
2 16.000 0,857 13.712
3 40.000 0,794 31.760
54.732
Catatan : Terdapat perbedaan pembulatan dalam tabel PVIF (5%)
28
latihan
1. Manakah yg lebih berharga Rp. 10.000 hari ini, ataukah
Rp. 12.000 pd 3 thn yang akan datang jika tingkat bunga
yang berlaku 8% ?
2. Harga proyek Rp. 200 juta yg akan dibelanjai dgn 35%
modal sendiri dan sisanya modal pinjaman ke Bank dgn
bunga 6% per tahun dgn lama pinjaman 5 th. Berapa
pinjaman tsb harus dibayar tiap tahun dgn jumlah tetap ?
3. Tn A meminjam dari bank Rp. 10.000 yg harus dibayar Rp.
18.385 selama 9 tahun, tentukan tingkat bunganya !,
4. Jika pinjaman tsb (soal 3) harus dibayar Rp. 17.000 selama
9 thn. Berapa tingkat bunganya !
29

Time Value of Money

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Time Value of Money

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TIME VALUE OF MONEY

Nilai uang pada hari ini, mungkin

• Calculator keystrokes: 1.04 2nd yx 5 =

 AnAnnuity represents a series of equal

• Examples of Annuities Include:

$1,000 $1,000 $1,000

$10,263.47 = PV0 of the Multiple

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